The development of the personal budget that convinces parents that one can maintain an independent living is detailed as follows using the 50: 30: 20 rule:
50% for necessities (housing, food, transportation, utilities) $740
30% for luxuries, savings, vacations, entertainment, etc. $461
20% for Emergency Funds and Retirement $335
<h3>What is a personal budget?</h3>
A personal budget is the household budget for a single person for a period.
The personal budget shows an estimate of the person's revenue and expenses over the period.
<h3>Data and Calculations:</h3>
Hourly rate of earnings = $12
Working hours per week = 40 hours
Working hours per month = 160 hours (40 x 4 weeks)
Total monthly earnings = $1,920 ($12 x 160)
Assumed tax rate = 20%
After-tax take-home pay = $1,536 ($1,920 x 1 - 20%)
<h3>Monthly Necessities:</h3>
Rent of apartment = $300
Heating = $40
Water cost = $20
Sewage bill = $10
Food = $300
Transportation = $50
Other costs = $20
Total cost for necessities = $740
Thus, the development of the personal budget shows that one can maintain an independent living from the parents as a single person.
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